UPDATE: Tencent Sells $600 Million of 5-Year Bonds in US Debt Markets

Tencent Holdings Ltd. (TCEHY, TCTZF, 0700.HK), one of China's largest Internet companies, sold $600 million of 4.625%-coupon, five-year U.S. dollar bonds priced to yield 4.684%, for a spread of 375 basis points over comparable Treasurys, according to a person familiar with the deal.

Tencent's debut in the U.S. markets was underwritten by Goldman Sachs Group Inc. (GS), Deutsche Bank AG (DB, DBK.XE), Credit Suisse Group AG (CS, CSGN.VX) and HSBC Holdings PLC (HBC, 0005.HK, HSBA.LN).

The senior unsecured 144A/Reg S bond was expected to be rated Baa1 with a stable outlook by Moody's Investors Service and BBB-plus with a stable outlook by Standard & Poor's.

Earlier guidance suggested the bonds would be priced between 375 and 387.5 basis points over Treasurys.

The Shenzhen, China, company, founded in 1998, met bond investors in Asia, Europe and the U.S., a person familiar with the situation said earlier.

Tencent said last month it plans to use the net proceeds for general corporate purposes, including supplementing working capital, replacing some of its existing short-term borrowings and funding potential strategic acquisitions.

-By Patrick McGee and Carol Chan, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

Tencent (PK) (USOTC:TCTZF)
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